An office complex in Cherry Hill recovering from the loss of two major tenants has been acquired by a New York investment firm for $25.3 million.
The buyer, Crown Properties, plans to invest in upgrading the two-building, 385,923-square-foot Woodcrest Corporate Center, located directly across from the Woodcrest PATCO station.
Crown bought the property from Atlanta-based Cousins Properties. Cousins (NYSE: CUZ) acquired the corporate center through its merger with Tier REIT, which closed in June 2019, and soon sought to sell since the property sits far outside its target market of high-growth areas in the Sun Belt. The sale breaks down to about $66 per square foot.
Crown, a value-add investor, plans to immediately implement a value enhancement plan and take the property back to its historical occupancy levels.
It wouldn’t be the first time Crown’s done so in the township. It purchased the three-building Woodland Falls Corporate Center located just off Route 38 from Brandywine Realty Trust in April 2017 for $19 million. At the time, the 217,986-square-foot property had an occupancy rate of 74%. Crown invested in upgrades, repaving the parking lot and renovating two of the buildings lobbies, and soon rose the occupancy to 92%. This past November, it sold the corporate center to fast-growing South Jersey real estate investment firm Strategic Funding Alternatives for $33 million.
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